Stride goes on to ask about the possible end to the two-child benefit cap, a policy which prevents families from claiming means-tested benefits for any third or additional children born after April 2017.

He asks Reeves how scrapping it, which is reportedly being considered by the government, will be paid for?

• For context: Around 1.6 million children live in a household affected by the cap, according to statistics from the Department of Work and Pensions. Some estimates say axing the policy would cost £3.5bn and would lift 470,000 children out of poverty

Stride now asks Reeves a series of questions:

• Will she accept she has made a conscious choice to borrow more and accept higher debts?
• Does she accept this will cause interest rates and mortgages to increase?
• Since she claims she has brought 'stability' to the public finances, what is her definition of stability?
• And how will she fund her 'humiliating' U-turn on winter fuel payments?

There are more cheers from the Tory backbenches at this point, meanwhile Labour MPs shake their heads, some laugh.

Stride goes on to attack the chancellor's record, referring to her as "weak, weak, weak". He also says borrowing in the last financial year was "£11bn higher" than the OBR's forecasts.

But, he adds, Reeves seems reluctant to use the word "borrowing", suggesting ministers have loosened the rules to allow the government to borrow more.

"Borrow, and borrow and borrow, allowing the national debt to continue to rise every single year", is how he sums up the plans.

Stride says there has been an additional "£200bn" borrowed during this Parliament than the last Conservative budget had set out.

There's laughter in the chamber when Stride then suggests that if Labour had retained the Conservatives' fiscal rules, "she [Reeves] would be breaking them right now".

Dharshini David
Deputy economics editor

The chancellor says there’s no return to austerity – but neither have blank cheques been handed over in this Spending Review.

Reeves talked of spending on departments growing by 2.3% over inflation.

But that includes the current financial year, when we already know there’s a particular boost to department’s budgets for day-to-day spending and, in particular, investment.

That will help services and infrastructure - vital for growth.

Beyond that, this figure still implies a sharp slowing in department budgets for public services and investment after 2026.

And with a particular emphasis on health and defence budgets, others may see their budgets then struggle to keep pace with inflation; despite the talk of extra billions, things could still feel tight for some departments.

Behind the cheers on the front bench, some ministers will be happier than others.

Stride accuses Reeves of being the "tin foil chancellor", describing her as "flimsy and ready to fold" under pressure to spend more money.

The shadow chancellor says Reeves has "fiddled" her fiscal rules - and again goes after her for U-turning on the winter fuel payment.

Stride repeats that it's inevitable Reeves will return to Parliament at the Autumn Budget and raise taxes.

• Remember: Today is a Spending Review, not a budget. Any tax changes will be announced in the autumn

Phew, that was a lot of updates to bring you - and it doesn't stop there. Next up, we're hearing from shadow chancellor Mel Stride.

He says the Spending Review is "not worth the paper that it is written on", to cheers from the Tory backbenches.

Stride warns of tax rises to come in the Autumn Budget - something that's yet to be confirmed - and brands her announcement as the "spend now, tax later" review.

How can we take this chancellor seriously "after the chaos of the last 12 months", Stride asks, accusing Labour of announcing "hundreds of billions" of additional spending compared with what was promised in the election manifesto.

Reeves finishes setting out today's Spending Review by saying it is intended to "deliver the priorities of the British people".

She lists these as: security, economic growth, and the nation's health.

"I have made my choices," she declares. "In place of chaos, I choose stability. In place of decline, I choose investments. In place of pessimism, division and defeatism, I choose national renewal."

She says these are also the choices of the British people, before ending her speech to cheers from the Labour benches.

Reeves says she is proud to announce the government is making a "record" cash investment in our NHS "increasing real-terms, day-to-day spending by 3% per year for every single year of this Spending Review".

"An extra £29bn per year for the day-to-day running of our health service," Reeves continues.

Reeves now turns to the NHS, which she describes as "our most treasured public service".

She says the UK must have a publicly funded health service, free at the point of use, rather than an insurance-based model.

The chancellor says the government has, in less than a year, recruited 1,700 more GPs, delivered 3.5 million more appointments, and cut waiting lists by more than 200,000.

Reeves then announces she is "increasing the NHS technology budget by almost 50%", with £10bn of investment to "bring our analogue health system into the digital age, including through the NHS app".

The chancellor turns to the state of school buildings.

Under the Conservatives, "another generation" of children were "herded into cold, damp buildings as school roofs literally crumbled", she says.

"So I am providing investment, rising to nearly £2.3bn per year to fix our crumbling classrooms," she says.

She also announces £2.4bn per year to continue a programme to rebuild 500 schools.

Continuing on the theme of schools, Reeves references Labour's decision taken in the Budget to end the tax loophole that exempted private schools from paying VAT and business rates.

This money, she says, has been used to help children in states - including those who found out this week they'll be on the receiving end of extended free school meals.

Reeves has just said this Spending Review will be "zero-based".

This means it will set departmental budgets from scratch - or "zero" - rather than by basing them on existing budgets.

By doing this, the government says it will assess all spending for "value for money rather than beginning from existing budgets and deciding increases or decreases".

This may mean changing policies as well as spending plans, according to a House of Commons briefing, external.

Reeves is continuing to deliver her Spending Review.

"For the first time in 18 years, this government has run a zero based review," she says. (There'll be more on that in our next post.)

She says a "line-by-line" assessment of what the government spends has been carried out.

"I have been relentless in driving out inefficiencies, I will be relentless in cutting out waste with every single penny reinvested back into our public services," Reeves adds.

On pay, Reeves says she is "determined that every family feels the benefits of Britain's renewal".

"I have accepted Pay Review Body recommendations for pay in our armed forces, for our nurses, our teachers and our prison officers," she says - adding that she already increased the National Living Wage in the autumn.

The government is doing more, she says, by "banning exploitative zero hours contracts" and "strengthening statutory sick pay".

Reeves says she is also extending the £3 bus fare cap until at least March 2027.

• How we got here: The Conservative government introduced a £2 cap on bus fares in 2023. Last October, the Labour government extended the cap to the end of 2025, while also raising it to £3

Rachel Reeves next turns to law and order, acknowledging that people must feel safe to enjoy their communities.

She reels off some figures to address the prison system, including "£7bn to fund 14,000 new prison places" and "up to £700m per year into reform of the probation system".

There will also, Reeves pledges, be an increase in police spending "by an average 2.3% per year in real terms over the Spending Review period".

She says this totals "more than £2bn" and meets the commitment of putting "13,000 additional police officers, PCSOs and special constables into neighbourhood policing roles across England and Wales.

Faisal Islam
Economics editor

The Big New railway will be built.

It was the central announcement of the 2015 Spending Review under George Osborne.

The chancellor has said the Liverpool-Manchester “Northern Powerhouse Rail” scheme will be going forward - but we will have to wait, probably until the Infrastructure Strategy, for the details.

Reeves's announcement suggests that costs of early development of the project have been accounted for in the Budget.

Of considerable interest in this area will be the assumption made for how much HS2 will now cost. This is subject to a review, including updating the costs to 2025 prices, that many fear will put the bill around £100 billion.

Next on the agenda, transport. Reeves says the "£15bn of investment" announced last week to connect cities and towns is "the biggest of its kind".

This consists of metro extension in Birmingham, Tyne and Wear and Stockport, as well as backing for Doncaster Airport.

She then announces a four-year settlement for Transport for London "to provide certainty and stability for our largest local transport network to plan for the future".

The chancellor then talks about other connections between towns in the north of England, and says in the coming weeks, she will "set out this government’s plans to take forward our ambitions on Northern Powerhouse Rail".

Reeves announces further transport plans, including "a further £2.5bn for the continued delivery of East-West rail", which will connect Oxford and Cambridge. And she pledges £445m for railways in Wales over 10 years. These plans will "undo a generation of underfunding and neglect", she says.

Faisal Islam
Economics editor

Reeves has just unveiled her big social housing investment, as announced earlier this morning.

The chancellor is also using the change to her borrowing rules to announce a further £10bn for Homes England. That will not count towards public debts but help to build “hundreds of thousands of homes,” she says.

She is using the flexibility she introduced on the measure of debt to create new forms of funding, designed to also attract private sector funding.

All forms of funding will be required to have a hope of meeting the ambitious target of 1.5 million new homes.

• What are Reeves's fiscal rules? 1) Day-to-day government spending should be paid for with tax revenue, not borrowing, and 2) the amount of government debt should fall as a share of national income by the end of the current parliament in 2029-30

Dearbail Jordan
Senior business and economics reporter

We have a confession.

Once Reeves finishes announcing her Spending Review, it is going to take us some time to work out how much of a boost some departments will get - and how much others will be squeezed.

This is because the chancellor already laid out a sort of mini Spending Review in last October's Budget. This covered spending forecasts for 2024-25 and 2025-26.

What we're now hearing are departmental spending plans for the years after 2026, so we need to look at the detail and work out what's what.

Don't worry, though, that work's already under way. We'll bring you analysis as soon as we have it. For now, we'll continue to bring you her announcements in real-time.

There are cheers from Labour's benches as Reeves says she is "proud to announce the biggest cash injection into social and affordable homes in 50 years".

The chancellor unveils a "new Affordable Homes Programme", which she says will get an investment of £39bn in the next decade - something we reported on this morning.

"Direct government funding to support housebuilding, especially for social rent and I am pleased to report that towns and cities including Blackpool, Preston, Sheffield and Swindon already have plans to bring forward bids to build those homes in their communities."

• Quick note: The Affordable Homes Programme covers England only. It's currently not clear whether the £39bn announced is the same or applies to the wider UK - we'll clarify this for you as soon as we can

Now, Reeves turns to industry, saying she's "backing our innovators" by raising R&D funding to a "record high" of over £22bn per year by the end of the Spending Review period.

She also announces £2bn for the government's AI Action Plan, which is overseen by the secretary of state for science and technology.

All of this, she says, forms part of the government's aim to invest in "training and upskilling our young people".

The government will invest £1.2bn a year on this, she announces, saying this will "support over a million young people into training and apprenticeships so that their potential, their drive and their ambition is frustrated no longer".